Preference:

Prices are consolidating in a channel. We see potential for prices to dip from our Pivot at 1.25213 in line with 127.2% Fibonacci extension and 38.2% Fibonacci retracement towards our 1st support at 1.2427 in line with 38.2% and 38.2% Fibonacci retracement.

Alternative Scenario:

Alternatively, prices might climb towards our 1st resistance at 1.25888 in line with 50% Fibonacci retracement and 200% Fibonacci extension.

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